 Opel/Vauxhall chief executive Nick Reilly today announced his five-year €11bn plan for the future of the company, which is aiming for break even in 2011 and be in profit by 2012.
The strategy embraces eight launches in 2010, including Meriva, Corsa, Movano and Astra Sports Tourer and another four in 2011, including the extended-range electric vehicle Ampera.
Green products
Opel/Vauxhall is also to spend €1bn on a range of new green products, including an extended-range electric vehicle in addition to the Ampera, pure battery-electric vehicles in smaller-size segments, expanded LPG and CNG applications and stop-start technology.
Reilly said Vauxhall/Opel also wanted to introduce a sub-Corsa model and make a "strong push" into the light commercial vehicle business.
The company is losing 8,300 jobs spread across Europe, including 1,300 in sales and administration and 7,000 jobs in manufacturing. This includes the already announced closure of the Opel plant in Antwerp, Belgium.
Job losses in the UK include 360 at the Luton van plant and another 150 from its administrative department. Reilly confirmed that van production will continue in Luton until at least 2013.
No jobs will be lost at the Ellesmere Port plant which employees 2,166 people and makes the Astra. A third shift will be introduced there by mid-2010.
Clear vision
"Opel/Vauxhall has a clear vision: to be a leading European manufacturer of high quality, desirable automotive products, based on German engineering, driven by a united team of professionals and respected around the world," said Reilly.
"This vision will be realised by offering an exciting and expanded product portfolio based on a strategic push into alternative propulsion technology."
Future products will be developed in Rüsselsheim at the International Technical Development Center.
As part of the €3.3bn funding requirements, parent company GM has already injected €600 million into the new Opel/Vauxhall business. GM also provided €650 million in advanced payments in January.
Reilly said the company will continue to work with European governments to secure funding of €2.7bn through loans or loan guarantees.
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